Whilst Insurance execs wrestle with the complexity of AI’s strategy, ethics, and likely cultural impact, the rest of the workforce will be asking themselves a far simpler question, ‘What’s the impact upon me?’ And the answer is, according to KPMG’s research, ‘a lot’.
Describing artificial intelligence as a new type of colleague goes a long way in explaining its most likely role in the current workplace and, critically, helps remove the fear of replacement felt by much of the workforce. Informed by our global AI partnership with Microsoft, it’s also our take at KPMG, with insurance challenges looking particularly fertile ground for investment.
Viewing AI as a new type of team member rather than a new form data or system makes much more sense and can fuel a collaboration-based relationship rather than a process and processor, or limiting AI’s impact on the insurer due to human colleague self-preservation. Leading insurance execs present at our AI CX Excellence Report launch event at the iconic Battersea Power station agreed – AI as a colleague is a genuinely fresh and useful perspective.
With regards to insurance, consider how adding a new underwriting assistant – one that helps you make better risk decisions and increase case capacity by a factor of 10x. Or even the idea of an infinite number of assistants but with enhanced competence, confidence, stamina and experience that is all aligned to your objectives.
Or even a team member at fraud claims manager level? Where AI-driven fraud is combated by AI innovations and a combination of global thinking, legislation and on-going cases are all matched by the powers of assessment borne from years of accumulated learning. All being constantly updated and measured. In this, AI finds itself in the elevated position of being able to ask as well as answer the critical insurance questions.
Affording it virtual colleague status also encourages the designing of systems that mimic human interactions and behaviours, leading to the most intuitive and user-friendly of interfaces. In turn, making it easier for non-technical users to benefit from its availability – just as it does in the home via smart speakers and smart personal assistants.
The opportunities for Insurance are genuinely transformational – with CEOs being encouraged by their exec and boards to move quickly but safely.
Right now, KPMG offers three models to get businesses moving on their AI journey. ‘Sprint’ gets things going. ‘Upgrade’ moves things along at pace. Where ‘Transform’ re-imagines the whole enterprise. From a straightforward implementation to a more exhaustive overhaul, we’ll be in-and-out again in six to 12 weeks.
Over to you – what do you think the key insurance problems solved first will be?
